Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Marijuana stocks are among our top charts to watch today.
Aurora Cannabis Inc. (ACB) rose 8 cents to $8.96 on 21.3 million shares Wednesday. Bank of America Merrill Lynch named the company as one of three marijuana stocks to buy. The stock, after sharp year-to-date gains, has been consolidating in recent weeks, but may be on the verge of its next leg up with cannabis stocks in general. Next target is around $10.50, above its March high.
Two biotechs and one technology stock top our list of charts to watch with strong technical momentum.
ChemoCentryx, Inc. (CCXI) gained 39 cents to $14.47 on 643,300 shares Wednesday, following through on Tuesday’s gains. The biopharmaceutical company, which is developing medications for inflammatory and autoimmune diseases and cancer, announced Tuesday it will be presenting at the H.C. Wainwright Global Life Sciences Conference on April 8. The stock is now up over 40% in the last four weeks since the company released earnings that beat Wall Street expectations, and is now approaching a resistance level and initial target at around $15. A break through there could lead to $17.
Here are four stocks to watch with strong price momentum fueled by earnings.
Denali Therapeutics Inc. (DNLI) jumped $2.17 to $24.37 on 1.19 million shares Wednesday, nearly 3 times its average volume. The move followed Tuesday’s earnings release by the biopharmaceutical company, which is developing treatments for neurodegenerative diseases. With the move, the stock took out multiple tops, and looks like it could extend further. Watch next for a test of the February high near $25.75.
Guardant Health, Inc. (GH) exploded for $24.45, or 27.6%, to $94.45 on 3.7 million shares Wednesday, 3 1/2 times its average volume. The move came as the cancer diagnostics company beat Wall Street expectations in its fourth quarter earnings report. The stock is extended and could pull back and consolidate, but eventually ride the rising channel up to above $120.
Momentum stocks in marijuana, blockchain and video streaming top our list of charts to watch today.
Canopy Growth Corporation (CGC) jumped $1.08 to $47.88 on 5.8 million shares Tuesday. The marijuana stock has been coiling very nicely, consolidating its big gains from January, and looks poised to break out again. A break through the early February high near $52 could move it next to the October highs above $56.
iQIYI, Inc. (IQ) gained 80 cents to $27.46 on 10.3 million shares Tuesday. The move popped the Chinese video streaming stock out of a wedge it’s been since it gapped up two weeks ago on strong Q4 results. A break through the recent high at $29.18 could move the stock to the September high near $31 next, followed by the August high near $32.
Here are four stocks with strong technical momentum moving higher on news.
Aphria Inc. (APHA) gained 44 cents to $10.15 Wednesday on 7.8 million shares. Last Friday the Canadian cannabis producer said a probe of acquisitions in Latin America found certain board members had conflicts, but that the price paid was comparable to rival deals. The stock, which had pulled back from resistance at the top of its rising channel, has since bounced off the channel bottom towards a retest of its early February high. A move through that high near $11 could accelerate the stock towards $14.
Everbridge, Inc. (EVBG) rallied $3.69 to $67.95 on Wednesday on 1.4 million shares, more than triple its average volume. The software developer reported better-than-expected quarterly financial results on Tuesday. The stock got as high as $71.61 intraday. The long-term chart shows the top of the channel extends to the low-$80’s. (more…)
Here are two stocks moving higher on news and two others showing weakening technicals.
American Superconductor Corporation (AMSC) jumped 66 cents to $14.54 Thursday on 604,100 shares, or double its average volume. The wind turbine component maker beat Wall Street expectations in its earnings release on Tuesday. The stock has been in a steeply rising channel since its late-October low under $6, and the channel top points to $19.
Evolus, Inc. (EOLS) popped $4.85 to $28.91 on 4.8 million shares Thursday. Shares in the provider of medical aesthetic products have rallied since the company received FDA approval a week ago for its treatment of frown lines. The stock is right at resistance from its late August high, and a move through this level could get it to $34 next.
On the short side, Carvana Co. (CVNA), which dropped 39 cents to $33.02 on Thursday, has broken down from an ascending wedge within a declining channel off its September top. There’s support at around $29 for the stock in the company, which operates an e-commerce platform for buying used cars. If that level doesn’t hold, then the stock could fall to next support at around $24-$25.
Medifast, Inc. (MED), which gave back 19 cents to $127.07 on Thursday, has been declining since September in a series of ascending wedges that have failed. Stock in the healthy-living specialty retailer is currently in another ascending wedge near the top of its declining channel, which if it fails could pullback to test the $108 area. The stop would be near last week’s high just under $132.
Two cannabis stocks are among our four charts to watch today.
Aphria Inc. (APHA) popped $1.08, or 14%, to $8.74 on 13.7 million shares Thursday, nearly twice its average volume. The move came on a Bloomberg report that Green Growth Brands (GGBXF) is open to negotiations regarding its attempt to buy the Canadian marijuana company. Watch for a move next to $9.50, as momentum is strong, followed by $10.50, which is next lateral resistance.
Cronos Group Inc. (CRON) rallied $1.25 to $19.68 on 29.5 million shares Thursday, more than 2 1/2 times its average volume on no news. Shares in the cannabis investment firm doubled in January, and look poised to continue higher towards the top of the steeply ascending channel near $24.
Evolus, Inc. (EOLS) popped 73 cents to $16.35 on 575,024 shares. The move came on no news from the provider of medical aesthetic products. The stock has been rallying off the bottom of its declining channel since December, though it hasn’t yet broken out above the declining tops line. It’s been up for five sessions in a row on strong volume, and closing in on that declining tops line as well as lateral resistance. A break through here could lead to a run to $21.
Qutoutiao Inc. (QTT) jumped $1.22 to $10.92 on 2 million shares Thursday on no news. Shares in the Chinese viral-content site, which have nearly tripled since early December, broke out of a mini wedge and above lateral resistance. Next target is $13.50.